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Technology Stocks : Loral Space & Communications
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To: RMiethe who wrote (6088)5/9/1999 7:28:00 PM
From: Thomas  Read Replies (1) of 10852
 
RMiethe,
Valuman is right about the insurance proceeds. I had read over the old Orion bank financing documents very carefully and they were very tightly structured (a strict project financing deal), with the result being that (if I remember correctly) the banks even had the option to take the insurance proceeds as a paydown of the term loan rather than allow the rebuild of a satellite.

Of course that old bank deal has been refinanced, but there is no way that any insurance proceeds that were tied to an Orion debt-financed bird would be allowed to leave the Orion cap structure (the financing docs would specifically require that LOSI be named as the beneficiary of the insurance policies). LOSI is highly leveraged enough as it is. Here's hoping for a resolution of the Eutelsat issue and a launch of Orion 3 sometime. . .

Cheers,
Thomas
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